It’s a confusing time to be alive. In general, I mean. But also in the
Month: July 2021
When ‘As Good As It Gets’ Ain’t All That Good
Generally speaking, a market that’s forward-looking is conceptualized as a good thing. Forward-looking in this
Divination
There’s quite a bit to process in the new week. The July Fed meeting presents
Can’t Lose
Those old enough to remember “vol-pocalypse” (so, anyone over three, which covers all institutional investors,
The Great Manipulators
I have to admit, I do take some satisfaction in weeks like this last one.
Everyday People
I often lament how out of touch most of us are with everyday people. By
‘Doomsday Cash’ And The $4.49 Trillion Question
Global equities took in another $3.3 billion over the latest weekly reporting period. It was
Stop The Presses, An Outflow Was Spotted In IG
Stop the presses. For the first time since November, investment grade credit funds suffered an
As Economy Cools, Price Pressures Show Signs Of Abating
The pace of expansion in the US services sector decelerated in July, the preliminary read
A Quote That Really Ties The Room Together
The Delta variant continued to dominate the news cycle Friday. At least in the very
Smoke-Filled Rooms And Perma-Easing
“We’re informed by past experience,” Christine Lagarde said Thursday, following the unveil of new forward
Albert Edwards: UK To US Virus Comparison ‘Not That Simple’
When SocGen’s Albert Edwards delivers a “trigger warning” (underlined, with an exclamation point in the
Jobless Claims Surge Most Since March
US jobless claims surged last week, as 419,000 Americans filed for unemployment benefits. That was
ECB Adopts Comically Belabored, Three-Part Rates Guidance
Following the bank’s policy review and the adoption of a symmetric inflation target of 2%
Human Nature
Risk sentiment was firm for a third session Thursday, as global stocks aimed for their
In Shifting Vol Landscape, One Thing Never Changes
A persistent theme in these pages is the notion that monetary policy can never be
Charlie McElligott Returns: ‘This Is How Overpositioning Tips Over’
Stability breeds instability. All you need is the proverbial skier’s scream for an avalanche. By
Failing The Test
“The pandemic is a test and the world is failing,” WHO Director General Tedros Adhanom
Death & Life In Utopia For The Stupid (A Flashback)
Entertaining the counterfactual reality that reflects the future as a neoliberal utopia of permissiveness, by
Pavlov Lives. If Only He Were A Virologist
It feels like I’ve used the word “inauspicious” at least a half-dozen times over the
Suddenly Taking It Seriously
You know there’s a problem when Sean Hannity gently advises Fox viewers to “please take
Quick! Find Some Oriented Strand Board
Single-family housing starts ran at a one million+ annualized rate again in June, data out
Kolanovic, JPMorgan Raise S&P Target, Say Fears ‘Overblown’
An aggressive bond rally and the fading of 2021’s outperformance across various manifestations of the
Selloff Reflections
“Why now?”, a couple of my favorite strategists asked, in the wake of a brutal
Happy Black Monday
Somebody will call it “Black Monday.” And I imagine the producers at CNBC availed themselves
‘Normal’ Is A ‘Funny Concept,’ One Bank Reminds You
“Sell Treasurys and trust the expansion.” So said Morgan Stanley’s Andrew Sheets on July 18.
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